A review of the UK motorsport industry, including a host of West Midlands-based companies, has revealed the sector achieved sales of £9 billion in 2012, making it one of the most crucial contributors to the UK economy.

The study was commissioned by the Motorsport Industry Association (MIA) and supported by UK Trade and Investment (UKTI) and The Department for Business Innovation and Skills (BIS) to find out the benefits of the sector to the UK.

There are now about 4,300 businesses in the UK which owe their existence to motorsport, accounting for nearly 41,000 jobs, but many were looking at alternative waya to use their expertise, particularly in the aerospace industry.

A swathe of the West Midlands and Oxfordshire has been nicknamed “Motorsport Valley,” because of engineering expertise that went well beyond the racing circuits.

Business minister Michael Fallon said: “Our motorsport industry represents some of the best of British talent and ingenuity and it is imperative that we provide the right conditions so it continues to thrive.

"That is why we are investing £1 billion jointly with industry to ensure companies across the automotive sector have the support they need to develop the technologies of the future.”

Chris Aylett, head of the MIA, added: “British motorsport companies are proven world champions.

"Highly-publicised victories on race tracks around the world are a strong promotion for this ‘jewel in the crown’ of UK advanced engineering.

“At last, the expertise of these companies is being more widely recognised and valued by other industries.”